The Greenwood Centre
3200 Deziel Dr. Suite 210
Windsor, ON, N8W 5K8
Phone: (519) 974-6688
Toll Free: +1 866-973-4846
Fax: (519) 974-7192
The approach of year's end is a good time to make sure your retirement portfolio is on track. Below you'll find a retirement income check-list for those within five years of retiring, and some special last minute considerations if you are turning 71 this year.
Are you getting the most from your Registered Retirement Savings Plan (RSP)?
If you plan to retire in the next five years, use these questions as a guide:
By law, you must convert your RSP by the end of the year in which you turn 71. Here are some "time-limited" strategies:
Delay your first withdrawal: You are not required to make your first withdrawal until the end of the year after the year in which you set up your RIF. So, if you set up your RIF in 2010, you can delay the first withdrawal until the end of December 2011 - and enjoy tax-sheltered growth in the meantime.
Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Seguin Financial Group Ltd. Seguin Financial Group is a trade name used for both mutual fund & Insurance business activities. Banking products and services are offered through referral.